Similar Search Results

Stock Market Liquidity and the Macroeconomy : Evidence From Japan

Choi, Woon Gyu - 2005

liquidity risk. We find that, during Japan''s deflationary period, firms with more liquid balance sheets were less exposed to … price. We document a steep drop in the liquidity of the Japanese stock market in the post-bubble period and a steep rise in … stock market liquidity risk, while slowly growing firms were highly exposed to liquidity shocks. Also, aggregate liquidity …

Persistent link: https://www.econbiz.de/10014401145

Monetary Policy and Corporate Liquid Asset Demand

Choi, Woon Gyu - 2001

liquidity demand directly through a separate channel-what we call ""the loan commitment channel."" Upon persistent monetary … policy shocks, firms make substitutions between sources of funds for intertemporal liquidity management, taking advantage of … loan commitments and sluggish movements in loan rates. To test this proposition, we estimate corporate liquidity demand …

Persistent link: https://www.econbiz.de/10014400949

Global liquidity transmission to emerging market economies, and their policy responses

Choi, Woon Gyu; Kang, Taesu; Kim, Geun Young; Lee, Byongju - 2017

This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies … factor-augmented VAR, we investigate responses of emerging market economies (EMEs) to GL shocks. A policy-driven liquidity …

Persistent link: https://www.econbiz.de/10011748772

Asymmetric Effects of Government Spending : Does the Level of Real Interest Rates Matter?

Choi, Woon Gyu - 2005

This paper empirically explores how fiscal policy (represented by increases in government spending) has asymmetric effects on economic activity at different levels of real interest rates. It suggests that the effect of fiscal policy depends on the level of real rates, since the Ricardian effect...

Persistent link: https://www.econbiz.de/10014400636

Policy conflicts and inflation targeting : the role of credit markets

Choi, Woon Gyu; Cook, David - 2018

This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps often appear when inflation is overshooting. We find that central banks with inflation targeting...

Persistent link: https://www.econbiz.de/10011848245

Monetary Transmission of Global Imbalances in Asian Countries

Lee, Il Houng - 2010

The paper explores the linkages between the global and domestic monetary gaps, and estimates the effects of monetary gaps on output growth, inflation, and net saving rates using panel data for 20 Asian countries for 1980-2008. We find a significant pass-through of the global monetary gap to...

Persistent link: https://www.econbiz.de/10014397494

Liability Dollarization and the Bank Balance Sheet Channel

Cook, David - 2002

Banks in developing economies often face a mismatch in the currency denomination of their liabilities (foreign currency denominated debt) and assets (domestic currency loans to domestic borrowers). We study the effect of this mismatch on business cycles and monetary policy in a sticky-price,...

Persistent link: https://www.econbiz.de/10014399644

Trade Credit and the Effect of Macro-Financial Shocks : Evidence From U.S. Panel Data

Kim, Yungsan - 2003

Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we examine how firms extend and use trade credit. We find that, controlling for the transactions or...

Persistent link: https://www.econbiz.de/10014399679

Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities

Jung, Yongseung - 2003

Introducing habit formation into an open economy macroeconomic model with price stickiness, we examine the characteristics of an optimal monetary policy. We find that, first, the optimal policy rule entails interest rate smoothing and responds to the lagged values of the foreign interest rate...

Persistent link: https://www.econbiz.de/10014399689

Endogenous Money Supply and Money Demand

Choi, Woon Gyu - 2000

This paper explores the behavior of money demand by explicitly accounting for the money supply endogeneity arising from endogenous monetary policy and financial innovations. Our theoretical analysis indicates that money supply factors matter in the money demand function when the money supply...

Persistent link: https://www.econbiz.de/10014401308